housing

The rising demand on the house market is now satisfied, but specialists say that in the next period building new houses should be a priority for the UK government. There might be other and more urgent matters – like Brexit and how to counterbalance its effects, but the perspective on the future is also important.

Buying a home for the first time is one of the biggest decisions you will make.

You will need to choose what mortgage company is best for you and what kind of deposit you will need to have. There are quite a few choices out there now though that can help you.

Here is a list of things you should look into:

How much can you borrow?

Before you jump in and start looking for your home, check your credit and speak to a mortgage adviser to find out how much you may be able to borrow and if you can afford the monthly payments. Don’t forget to put some money aside for legal fees to. Always ask your lender if they cover mortgages above a commercial property as some lender may not.

Decide what you’re looking for and where

Once you have either got a mortgage agreement in place or you know what you are able to borrow then you can start looking into what type of property you are looking for, how many bedrooms, is a garden important to you and how far is the transport. When looking at a area check what

Start house hunting

When looking for a property the first step is to look on your local estate agent’s website. You may look at quite a few places before you find the right property for you. When you see a property that you want to view, look around for any signs of dump, is the building structure sound, how old is the roof, how much storage space.

The latest research from Simple Landlords Insurance has revealed that women now account for two in five landlords and use property to top up their monthly income.

Data analysis of tens of thousands of landlords revealed than 40% of landlords are women. By comparison, only 17% of SME owners are women, demonstrating how property is moving towards equality at a faster pace than other industries.

A poll of over 400 landlords showed how male and female investors have different goals for their investments. 63% of female landlords said using rent for monthly income was their long-term business goal, as opposed to long term capital growth, compared with 53% of men.

The findings, together with real life examples and practical advice for female landlords from the Female Property Alliance, are published in the Women in Property Report 2017 www.simplelandlordsinsurance.com/women-in-property-report

It charts how women have successfully grown from accidental landlords to full time portfolio investors and used property investment to gain financial independence.

They include the story of Bindar Dosanjh, who built a multi-million pound portfolio after she became a single mother and she had to rent rooms to pay the bills and survive.

Bindar Dosanjh, a multiple award-winning landlord, property mentor and founder of the Female Property Alliance, said: “For me, investing in property was about having the freedom to make choices about my life.

“Women cannot take our health, our relationships, our careers, or our families for granted. I have made plenty of mistakes along the way but have been able to fall back on property income when I lost my job in the 2008 recession and again when I became seriously ill and was unable to work. I say to my students you don’t have to be passionate about property but you need to be passionate about your life.”

Accidental landlords

The research also found that women are more likely than men to have become accidental landlords. Some 48% of female landlords are deliberate buy-to-let investors, compared to 61% of men. Women were more likely to have become landlords after moving in with a partner and renting out their own property or through purchasing a property for a family member to live in, such as a child attending university.

For accidental landlords, this raises the importance of staying up to date with legislation, tax changes, inspections and ensuring rental properties are protected with specific landlord insurance rather than homeowners buildings insurance.

Broader acceptance

Female landlords are also likely to provide rented accommodation to a more diverse range of tenants than men. Some 35% said they would rent to housing benefit recipients, compared with 25% of men. Women were also more open to renting to pensioners, students and single employed tenants.

Landlords renting to different types of tenants may wish to consider additional insurance products such as for malicious damage by tenants, rent guarantee and legal support.

Alexandra Huntley, Simple Landlords Insurance Head of Operations, says: “As recently as 1970 women could be refused a mortgage without a male guarantor. But buying, selling, renovating, and renting property is no longer just for the boys. Those stereotypes are firmly consigned to history. Women have been steadily gaining ground over the last 50 years and are increasingly gaining financial independence through property investment.”

Bindar added: “Being a good communicator, a good negotiator and being good at managing people are key attributes for any landlord. They are also things women can be great at – but don’t always recognise as valuable and transferable skills. These are all skills that can be learnt.

I see many women who have ‘hidden’ skills, that can be applied to property investment more easily than they think. For instance, women often fall into being the family organisers, and keeping alot of balls in the air – another vital ability if you’re going to run a successful portfolio.

It is very important that women surround themselves with the right advice, experts and protection so they can take control of their property, their money, and their futures with speed, safety and certainty.”

As if there isn’t enough stress involved in buying and selling a property, once the purchase is agreed it’s far from over.

Here is some top tips to ensure your move goes as stress-free as possible:

1. If you’re renting, you’re in a strong position. Keep the rental property for an overlapping week (or as long as you need/can afford) to make the process deliciously smooth.

2. There’s an idea that moving on a Friday is a good idea, but we think Tuesday is the best day, especially if you have young children. Take Monday, Tuesday and Wednesday off work, giving you Saturday, Sunday and Monday to get ready; move on Tuesday; then Wednesday to straighten things up while the children are at school. The weekend’s not far away for a final push. The good news is that removal firms generally charge less for a Tuesday, Wednesday or Thursday move.

3. Spend several months pre-move having your children’s friends to stay, so you can call in all sleepover favours over your moving period. Farm out children, pets, or any other member of your family who won’t be a positive asset to the process.

4. Don’t even think about packing the contents of your house yourself. Look at the removal costs as part of the big picture and get the pros to do as much as possible. (You will of course already have de-cluttered and dispensed with anything that, in the words of William Morris, ‘you do not know to be useful or believe to be beautiful’).

5. If you find you are moving a box that hasn’t been opened since your last move – now is the time to get rid of it!

6. Use your pre-move time productively by obsessively labelling boxes with their contents AND which room the box should go into on arrival in its new home. Use as much colour coding, labelling, post-it noting and organisational brilliance as you can muster.

7. If you’re downsizing, build in as much time as possible between exchange and completion to give you adequate opportunity to dispense with the possessions you will no longer have space for.

8. Not all removal companies are the same (or charge the same). Personal recommendation is generally best, but social media is extremely helpful for finding the best suppliers of this kind of service. Get quotes from, and meet, three companies before you make a final choice.

9. It’s better to find a removal company that is local to your new home than to use one in your existing area. You should be able to advise them about local access and parking issues at your existing home, and they will have a good understanding of any problems in your new area.

10. If you’re moving out of London, bear in mind that London removal companies charge like angry rhinos as soon as they see a postcode outside the M25. And if you’re moving down the road, don’t be tempted to do it yourself – it’s no easier to move 300 metres than 300 miles, so grit your teeth and get over it!

11. Check and double check access. Several smaller vans are more flexible than one big one, but it will cost more. If you’re relying on on-road parking space for the removal van, speak nicely to your new neighbours before putting some cones out.

12. Take a picture of the metres at your old home as you leave the premises, and the new ones as you cross the threshold. That way, arguments with utility companies are easy to resolve.

Finally, stay calm, and try to see the funny side if things don’t go according to plan. The chances are you will be gaining anecdotal entertainment on which you will be able to dine out.”

‘Cheap’ insurance can quickly become expensive if something goes wrong. Always read the small print.

Specialist landlord insurance is not a legal requirement, but if you don’t have it, you could find yourself out of pocket if you are unfortunate enough to have your property occupied by squatters, vandalised or worse still damaged by fire or flood. If you rent out property and have purchased a standard homeowners buildings and contents insurance, you will not have cover for extended vacant periods greater than 30 days or if a tenant is injured on your property and claims against you. Tenants living in a property generally pose a greater risk than the owner living there, so it is vital to take out a specific landlord policy, shifting the risk to your insurer rather than taking on that risk yourself.

Having made the decision to purchase landlord insurance, what comes next?

It is extremely tempting to use a comparison site to get a speedy quotation and find the cheapest option available. This is obviously an easy way to search for a policy and it will give you a benchmark for price, but there is usually a reason for the quote being so cheap.

Dispelling the myth that cheaper is better

It is always advisable to choose a quality policy that offers extensive cover and peace of mind. The insurers behind NLA Property Insurance have been carefully vetted to ensure that the product, service and claims service is ‘best of class’ and provides the widest cover available at the most competitive prices for landlords and buy-to-let investors. Unlike comparison sites, there is help at hand to make sure that you understand the small print and purchase an insurance product that will work for you when you need it the most.

In the field of landlord insurance, the menu of ‘extras’ can be extensive. Some of the bigger, well-known providers may provide what appears to be a cheap quote at the outset, but once you start adding on the ‘optional extras’, additional premiums will apply – pushing up the overall cost of the insurance.

Take a big name like Direct Line: purchasing cover for malicious damage, or even theft by tenants/guests will increase your premium substantially, but it is covered as standard under the NLA Property Insurance’s Superior policy. If your rental property is deliberately trashed, then repairs could run into the thousands. You may have taken a deposit from the tenant but findings provided by mydeposits shows that even a deposit equivalent to six weeks rent is often not enough to cover the replacement costs.

A closer examination of Direct Line’s landlord insurance reveals there are several aspects of their policy which are either inferior to those offered by NLA Property Insurance, or not covered at all without additional premiums. For example, the NLA policy will insure an unoccupied property for 90 days compared with Direct Line’s 60 days. Our public liability cover will pay out up to £5M in the event of death of bodily injury, compared with Direct Line’s £2M – a large difference especially as liability claims have been known to cost several millions and increasing with the new compensation laws that have been recently introduced.

Whether you have a single property or a portfolio of properties, the Superior policy offering from NLA Property Insurance offers highly competitive premiums (including a 15% discount for NLA Full Members) and includes many ‘extras’ such as accidental damage, alternative accommodation or loss of rent as standard.

As a landlord, you will be looking to minimise risk and maximise peace of mind. Remember that home insurance isn’t designed for rental properties – you need specialist insurance for landlords. Choosing a cheap quote from so called big names may seem like a low risk option but don’t forget to check what is included in the price.

The number of million pound apartment sales in England and Wales has grown nearly threefold, up 196%, in the last decade, according to new research.

The rate of sales growth for apartments has far outpaced other prime market property types with sales of million pound terraces rising by 165%, followed by semi-detached properties up 154% and detached homes up 88%.

The research from Lloyds Private Banking also shows that apartments represented 22% of all million pound property sales in England and Wales in 2016 compared with 17% in 2006 and accounted for 26% of the increase of all million pound property sales between 2006 and 2016.

Unsurprisingly, the overwhelming majority of million pound plus apartments were in London with 96% of sales and the sale number in the capital has increased 193% from 973 in 2006 to 2,853 in 2016, representing 35% of all million pound property sales in Greater London in 2016.

A new survey lifts the lid on the UK property market, with Brits sharing exactly what made them buy their homes.

Wood flooring specialists Flooring Republic asked 1,000 Brits what led them to fall in love with their homes, and which factors they consider non-negotiable when buying a property – and between community appeal and room size, it seems Brits are swayed by more than an attractive price tag.

After the BBC reported that the number of first-time buyers was at its highest in a decade, this new study reveals what it takes to get Brits excited about buying a house. With 60% of the vote, a safe and friendly neighbourhood took the top spot, followed closely by the price of the property (52%).

The local community also proved to be a key selling point for 45-54 year olds – with a huge 73% citing this as a major factor in their decision-making process. In terms of what Brits love about their living space, room size came out on top – taking 38% of the vote.

At one with nature

For 31% of participants, a good-looking garden is what got them to sign on the dotted line – and half of over-65s declared this the ultimate highlight of their homes. Natural elements proved popular across the board, with a fifth of those surveyed saying natural light is what they love most about their home.

Price versus practicality

Perhaps surprisingly, just over half of all respondents believe the price of a property is the most important aspect when it comes to making an offer.

Generation Y are more price-conscious, however – with 18-24 (57%) and 25-34 year olds (69%) admitting the asking price was the thing that ultimately swayed their decision. Space proved a key concern for 37% of Brits, who said the number of rooms in a property would influence whether or not they bought it.

Aesthetic appeal

When it comes to a property’s appearance, it looks like it’s not just what’s on the inside that counts – with 16% of Brits saying they’re swayed by both exterior appeal and interior styling. For 17% of male respondents, the outward appearance of a house is a deciding factor – while 18% of women favour the property’s interior design.

11% of Brits revealed they bought their home because of high ceilings – a factor which sweetened the deal for just under a quarter of 25-34 year olds.

Smart solutions

According to 35% of all respondents, parking availability is a key issue when it comes to deciding on a suitable property – and more than half of over-65s agree. This is less of a concern for those living in the capital, though – with just 17% of Londoners put off by limited parking. Organisation addicts across Britain declared practicality a priority when buying a house – with storage space scooping 15% of the vote.

Other answers

For 14% of homeowners, accessibility is a deal-breaker – with proximity to local transport networks and amenities proving particularly important. Respondents were also invited to offer up their own answers when it came to the reason they fell in love with their home and what they consider to be the key factors when buying a house – with answers including the property’s character, affordability and a double garage.

With Brits divided over what makes the perfect home, as housing prices continuing to fluctuate, the future of the property market shows no signs of stabilising any time soon.

Mark Haskell, Ecommerce Manager of Flooring Republic said “It’s great to see just how many Brits value a welcoming neighbourhood, and it’s really interesting that most homeowners are concerned with more than the price of a property. Spacious rooms and beautiful gardens will always hold plenty of appeal for buyers – although they generally come with larger price tags.”

At Victor Michael we look at every possible way of ensuring that every home we are marketing has the best possible chance of being sold for the highest price in the shortest amount of time.
I read a lot of estate agency and property industry magazines and websites to stay on the ball and hear about new ideas and ways of marketing people’s homes.
An article which caught my eye last week was from America. It said how estate agents (or realtors as they’re known across the pond) were calling in Feng Shui experts in a bid to make homes sell quickly and for the best price.
For those of you who are unaware Feng Shui is an ancient Chinese philosophy based around positioning objects and buildings to maximise a positive flow of energy and, many believe, to create good luck.
Feng Shui has been around for 5,000 years, so it’s nothing new. You might think it’s all a bit New Age but some Feng Shui principles are actually just common sense.
Read these five ways Feng Shui can help sell your home and decide for yourself.
Arrange your living room so that people who walk in aren’t met with the backs of furniture. i.e. sofas.
Keep a lid on it. Yes I’m talking about your loo. Feng Shui experts believe that water is linked to money and the toilet is one place that water (money) ‘escapes’. Even if you don’t buy this theory, keep your lid closed anyway. It just looks better.
Place thriving plants or flowers in the corners of rooms. This gives the property energy and life according to Feng Shui.
Less is more. Feng Shui experts share estate agents’ beliefs when it comes to clutter. Their view is get rid of it to create a good flow of energy in every room.
Let go. This is an interesting one and I’ve seen this before. Sometimes people subconsciously don’t want their homes to sell for whatever reason. In this situation they advise sitting down and thinking about why you want or need to sell and why it’s for the best.
So what do you think? Is FS full of BS? Or can it really change people’s lives and make homes more saleable?
Thanks for reading.
Want to get a SOLD or LET sign outside your property quicker? Call Victor Michael and our team on 0208 559 7040 or email: info@victormichael.com for honest, expert and friendly advice.

Adding a touch of luxury to a room through carefully-placed accessories, colours and fabrics can instantly give it a show home worthy look and feel, often for a minimal budget.

Accessories

Adding metallic accessories such as a gold drinks tray or a statement mirror can make a room look stylish, yet remain functional. Complement the look with this year’s Pantone Colour of the Year, ‘Greenery’, by adding a statement plant to bring the outdoors inside, in a luxurious way.

Fabrics

Achieve that luxury hotel look by using a variety of textures and finishes – luxurious fabrics that feel great against your skin and make your bedroom a comfy but stylish haven. Add thick pile towels in your bathroom and en-suites as well as luxurious fabrics to curtains, carpets and soft furnishings.

Artwork

Create your own personal ‘wall of fame’ at home by placing your favourite family photographs into a mix of metallic and dark wooden frames and place them on a statement coloured wall. This look is sophisticated and a great talking point – particularly when paired with a feature sideboard.

Colour

Thoughtful use of colour can create a feeling of luxury and adding furniture and accessories to a room in a neutral palette will give the room a sophisticated look. This year, you may want to use on trend shades of stone, praline and green enhanced with metallics.

Lighting

Nothing says luxury more than the right lighting in a room. Consider investing in a statement pendant over your dining table to create a real focal point, and add a dimmer switch to control the mood. Lighting up the best features of your room using beautiful lamps and well-placed candles are perfect for illuminating a room’s luxurious side.